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is in washington d.c. reports this morning that hard decisions surrounding deficit reduction could be kicked down the road until 2013 in favor of a smaller package of tax increases and spending cuts. >> what does that mean for the markets? already since the elections the s&p has lost more than $600 billion in market cap. we've got stocks down six of the last seven sessions. >> a tale of two retailers this morning. gap continues to show signs of a turnaround posting earnings at top estimates and raising guidance. sears holdings slumps on its earnings miss. wi at 10:15 eastern, president obama will host senate and house leaders to discuss ways to solve the fiscal cliff. sources telling t"the wall stret journa journal", white house are in advance internal discussions to replace sweeping spending cuts set to begin in january with a smaller separate package of targeted spending cuts and tax increases and this certainly changes the story entirely in terms of what we're looking at over the next few weeks if this is true? >> why is that? >> we are just going to live with uncertainty until 2013. if we hav
america and washington. >> reporter: good morning. this place is crawling with ceos this morning. i talked to one ceo as he was walking into the build this morning. he said he hasn't seen a collection of executive firepower in washington like this since the 1980s in the battle over reagan era tax reform. that's how long since we've seen this many ceos gathered up here all working hallways talking to members of both parties, republicans and democrats today. they have broken up into six different groups. we talked to some of the ceos this morning and they said that the word of the day from their perspective is compromise. >> we are a vast diverse democracy and the only way democracy works is through compromise at the end of the day. i know it no other way. i think compromise means both parties working together. >> reporter: we'll see a photo-op later this morning and then we'll see members of congress meeting with the ceos. then from here on capitol hill they're going to go down pennsylvania avenue and go to the white house later this afternoon where they will do the same thing all over agai
of business leaders going to washington to meet with the president tomorrow. i think american express is the only financial services company that's gone that way. wall street being shut out to a large degree. >> a nice conversation with elizabeth warren. >> opening bell here the s&p top of your screen at the big board. marriott vacations worldwide celebrating the first anniversary as a public company. we'll talk to the ceo in a few moments. and over at the nasdaq, mutual of america foundation recognizing nonprofits that facilitated partnerships with community leaders. looking at other movers today. yahoo! will make news today launching more g-mail like e-mail service next month. one of the first big things that marissa mayer has on her agenda. >> i continue to be a believer that the culture she comes from, google, will really help. yahoo! lost its relevance and google is still very relevant. >> this is a stock up 7% for this year. a multiyear high on yahoo!. that's been an interesting take on this one-year chart. >> there's steve ballmer. question is leadership. yahoo! passed up micro
the most in three years. we do see red arrows across the board. a big meeting today in washington between ceos and the president over the fiscal cliff. reports today say obama wants 1.6 trillion in new taxes, two times what republicans were offered last year. is this whole negotiation going nowhere? >> cisco not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on the balance sheets of u.s. nonfinancial companies with certainty about tax rates, companies will increase their capital expenditures currently at anemic levels contributing to a virtuous cycle of jobs and gro
. >>> two minutes before the bell. let's get jim's take on the bakken shares. >> this was "the washington post" article was terrific, "squawk box" is so amazing today. i just loved it. and the global head of real estate for kkr, they're putting up apartments in this williston area. the company that has both of them, eog, continental resources in the bakken. these stocks are going to go down like everything else, because this is where we are. we're going to have a long haul truck that the engine is going to go out in 2013. that is going to be taking advantage of the natural gas. everybody should be reading "the washington post" journal. this is the bright spot. what's the bright spot? it is fossil fuel. but i know that i'm looking at buying a generator like my friend joe kirnen has. i can buy a machine that makes me fuel up without gas. i just need ford and gm to give me the cars. >> crude spikes, these companies can help you envision a day that a headline out of that part of the world doesn't mean oil has to become a expensive. >> we're talking about a duplicate fuel system that makes it
happens in washington. but it has seemingly nothing to do with people who deal with compromise. you compromise, you lose the core constituency that elected him. >> let's at least get the tax cuts extended for the middle class and deal with the other part later. some people may be happy to kick the can here, at least in the near term. >> i think the president is -- do you think the republicans can deliver on the republicans? i think lloyd blankfein. coming back to that quote to dave cody, terrific guy, he said listen, i find myself in the radical middle. compromise is radical right now. the stock market is saying a deal gets done by jan 1. >> yes, it is. that's what yesterday was all ball -- will lawmakers arrive at a deal to deal with the fiscal cliff? rand paul is defending the northwest pledge not to raise taxes. but the rim rally months on, this time black berberry is on rise. nobody said an inkjet had to be slow. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. int
that really have dug in their heels and i think that every time we feel there's momentum in washington, it's disappointed us. i'm willing to say this is over. it's great that they are talking. anybody who has bet on washington hasn't done that well on washington doing the right thing. hasn't done that well. >> do you feel like sentiment has shifted so far to one side and that is a pessimistic side of things that maybe there's risk to the upside at this point in terms of not being in the markets? >> i think that people feel like it's a risk-free sell of stock to be able to get that capital gain in. i guess what i'm more worried about is earnings. the more they dither, the more numbers have to come down. we have retail companies that report this week. i can tell you i'm confident maybe there's a deal and then you get whacked by the numbers. we need to see a deal quickly so that the fourth quarter doesn't go away. >> speaking of retail, a lot of retailers moving up black friday into thursday. thursday night specifically. this is a terrible statement in terms of the values of the american fami
thing is for sure, fiscal cliff comments from washington have been having an impact. >> i would hope our friends on the other side can turn off the campaign. >> we could have prevented this crisis months ago. by just simply adopting what passed in the senate. >> president obama is meeting with high profile chief executive officers today to talk about country's fiscal issues. >> we're here to support doing the right thing and putting america back to work. >> we don't legislate but we know the consequences of a failure to reach an agreement. >> only way democracy works is through compromise at the end of the day. >> i'm optimistic we'll continue to work together. >> our ultimate goal is an agreement that gets long-term deficit under control in a way that is fair and balanced. >> stocks trade on fiscal cliff comments from president obama and john boehner. >> no substantive progress has been made in talks between the white house and the house over the last two weeks. the white house has to get serious. >> republicans know where we stand. we have said it. we've said it. we've said it so many
an interesting divide between wall street and washington. wall street seems to believe and you can take a look at the numbers on how the market has acted over the past year. wall street seems to believe that we'll avert this cliff. washington seems to be willing to drive over the cliff. >> i think there's -- i don't want to pick on the tea party per se. you can say if obama would suddenly give in on taxes. what i worry about is there are people who are ideological in the country and more focused on other issues than taxation and money. those people i think are very much out of sync with other people as we discovered last night from the election. they could care less about the fiscal cliff. i think some people want to go over the cliff. >> howard dean last night, sam on "squawk" a couple weeks ago saying maybe it's the best medicine for us is to drive over this thing, go into a recession, provide some bed for growth in the second half of the year. it's a gamble. >> $5 trillion in cuts. get budget deficit worries off people's minds. you have to imagine it's a strong negotiating tool. and a lot o
and the fiscal cliff here. today "the washington post" trying to read the tea leaves. what was boehner saying? does the white house have a mandate? are the next six weeks, eight weeks going to be about watching political posturing, trying to trade off of that? >> unfortunately. grover norquist in my class in college and he was an outlier then and he's not now. everyone's shifted so far to the right in politics. even the left, you can argue the democrats shifted because they can't spend like they used to. if he is in charge of the party, i think there's a fiscal cliff avoid answer. i don't know if he is. >> were you encouraged by what was said yesterday? hard to tell. early days. >> everybody's been encouraged is fooled. fool me once. i think that the proof will be real change within the hard right tea party of the republican party. because, i mean, look. i think that obama, whether you like him or not, obama said you raise revenue. have a talk. boehner did mention raising revenues but does he have people in the tea party wing this agrees with him? i don't know. what do you think? >> i don't k
like he's already been. meantime, a road map starts at cross section of wall street and washington. third weeks of losses as congressional office highlights difficulties if no fiscal cliff worked out. >> jcpenney shares on sale as it posts a much bigger loss and revenue miss. concerns mounting now about whether ceo ron johnson can right this ship. >> disney shares under pressure. casually optimistic about theme park business. >> groupon, one analyst slashing his down to one. >>> the worries the president and washington lawmakers will not agree on a deal to avoid the fiscal cliff. the cbo warns if an agreement is not struck by the end. year, the u.s. economy would head back into recession, contract by half a percent in 2013. president is scheduled to make remarks on the cliff at 1 p.m. time. speaker boehner will address us. can the president say anything to make this whole week look like a dream? >> that's a tough one. what our lalt friend mark haines used to talk about, we need a capitulation, we need the answer, no, are you kidding? there was a congressman on "squawk" this morning
in the times and corker in "the washington post." there's no clear signal they're moving actively toward each other these two sides. that said, if greece gets the payment, does the market not get a bounce here? >> i think the market bounces if we get a frame work on fiscal cliff i think we go to -- i'm going to use a term that you're going to say is hyperbole which is we take out the highs for the year. >> 3% from year? >> not a bad fourth quarter. it will cause a lot of hedge funds who decided to lock in. they sold at 19% decline last year in september and october. they said we'll lock in 6% to 8%. that guy is going to lose the money in january. i want that money back. if he only did 6% to 8%. >> the december is the second best performing month for the dow after april. i think average gain of 1.7 since 1950 which stock almanac had today. >> we want to know what taxes are going to be. there is a big -- one of the things i look at the charts every weekend. i'm pathetic. i have them delivered to my door. everything stops in the house. utility stocks are horrendous. i think that's people saying,
washington correspondent john harwood is at cnbc headquarters and is ready for what i believe will be a long night. >> it will be a long night. we don't know how deep into the early morning hours it will go before we know the winner. what is happening this morning is there's some voting going on. not just with ordinary people but also our candidates. mitt romney voted in massachusetts at his polling station. and then he's going to go out and hit the trail. joe biden voted in delaware. really on this last day the machinery turnout machinery for both sides is trying to crank it and get their vote out. the candidates try to influence that a little bit with some media interviews. the president is doing satellite interviews. mitt romney will do some as well. he'll also do stops at the end both in the state of ohio and in the state of pennsylvania where he's made a late play. he explained in an interview last night on "monday night football" that the grind of his schedule in closing days has made him more energized. >> so what i found that surprised me is more events i did, the more energy i seeme
the other fiscal cliff washington comes back into session next week. >> don't think the fiscal cliff will bear down until after this. this is historically strong period. we're coming off a pretty good sell-off after the elections. we had sandy to deal with also. this has taken our mind off that which is a nice change of pace for the people on the east coast. so the holiday season gives us something to cheer about. the markets have done their part this week. >> how are we setting up for next week given that next week is going to be a full trading session for one but as i mentioned, washington gets back to business hopefully and maybe gets some work done. >> is it back to business? are we going to expect anything out of them? down here it doesn't seem like we are. i don't want to say that we've lost hope but the fiscal cliff, we don't think it will happen, we really don't. i don't expect anything out of washington. i would look more toward overseas and what they're seeing. things are going to keep falling. >> what matters more to the markets, spain or the fiscal cliff? >> the fiscal cl
chaos in washington. >> how should you go long at the beginning of a shortened trading week? cramer's mad dash is coming up next and a look at why p pinterest. s&p looking to add about 14.5 right at the open. much more "squawk on the street" straight ahead. customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. throughout our lives. one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. it has more of 7 antioxidants to support cell health. one a day men's 50+. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay t
away. everybody knows that in washington nothing happens unless you work with the other side. i think that's why we've had gridlock for the last couple years and so for sure governor romney will be on the horn talking to democrats right away and talk about big things we need to do next year. we can turn this country around but it will require a lot of legislation and tax reform and things that governor romney has talked about on the campaign trail. one of the things he'll do is get together with democrats to start to plan next year. >> people will look for the word compromise diligently when it comes to fiscal cliff. how much leeway from an economic standpoint does the governor have in dealing with a house that's to the right. we'll see what happens with the senate. how much room are they going to give him even with paul ryan acting as a liaison? >> again, the first thing we have to do is get the fiscal cliff fixed. i think governor romney would like to extend everything for a year. if you look at fiscal policy history, when you have a president who leads, a president that negotiates
done. he coined the term, fiscal cliff, "the washington post" today says. also adds that the evans rule is an area they continue to look into. fallout today from what he said yesterday? >> ilgt bit but that will happen. the market will be going up and down on small indicators. is john boehner smiling or frowning today? we'll have a lot of volatility for the next two or three months because i do think it's going to be two or three months. i think this is going to go into january. i think close to a 50% chance we'll go over the fiscal cliff temporarily. the market won't react well to that so it's going to be very, very bumpy couple of months here. >> that said, seasonally, i was told not too long ago, the period between thanksgiving week and december 3rd, the past 20 years has been positive for stocks for 17 of those 20 years. is there going to be any kind of hope for a santa claus rally here, michael? >> i think there is. that's simply because pessimism has reached a level of extreme that historically has led to higher markets over the next three months 81% of the time. the average marke
to senator isaacson later this morning. >> "the washington post" is doing some fabulous coverage on the fiscal cliff. really devoting the front section to it. they have a piece this morning which says that grover norquist, which suddenly revealed is the man behind the curtain, is losing people and -- there are some. >> mostly senators. it's not congressional. >> that's what's important. does boehner really own his own people? if i am worried about the fiscal cliff, does boehner own his own people and are there democrats that favor higher taxes for the rich and are willing to do anything to get those including going over the fiscal cliff? you do have more polarization with business community. jamie dimon being the key man? >> certainly one of them. a lot of the business community is more down the middle given the two constituencies you just mentioned. >> we'll talk -- buffett had thoughts on that this morning that we'll get to in a few minutes. the case shiller home price report is out. which cities are making the fastest move to recovery? >>> also ahead, when it comes to the holi
washington bridge. it is backed up significantly. the real story is all the way over here because the police are really trying to watch who is coming in and trying to keep some order here and you mentioned why, what happened in queens yesterday. take a look, this line extends -- well, i can tell from you personal experience, at least a mile and a half to two miles, probably longer by now because i started walking at about 5:45 this morning all the way up and around the ramp, down around it wrapped around the jersey tp. it's a long line indeed. it extends all the way down to philly. the problem is that many gas stations are out of power and as a result they can't pump gas. if they do have gas they're running out of gas. and why is that? two of the refineries that are on the east coast right here in the new jersey area, two of them have been down and are either still off line or limping back into service and very slowly at that. the port was closed for a good time. they couldn't off load the fuel on the ships there. we are expect iing some progres in that regard today and then if you do have,
Search Results 0 to 18 of about 19